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MCC Daily Tribune

Financial Planning Month

Financial Planning Month is observed nationwide during October. With the holiday season coming up (aka hefty gifting expenses) and the new year just around the corner, Financial Planning Month is a great opportunity to get your finances and budgets in order before life gets too busy.

 

HOW TO OBSERVE FINANCIAL PLANNING MONTH

  1. Explore investment opportunities

    Use this Financial Planning Month to look at different investment opportunities that fit your budget. It is important to invest in your future.

  2. Use a retirement calculator

    It’s never too late to start. If you haven’t started retirement planning yet, find a calculator on the internet and start today!

  3. Track your savings and spendings

    Whether it is through an app, an Excel sheet, or your diary, start a savings and spendings tracker to stay on top of your finances and detect patterns that need to change.

 

5 INTERESTING FACTS ABOUT FINANCES AND FINANCIAL PLANNING

  1. It benefits you today

    Financial planning isn’t just for the future; it has instant benefits for the present as well.

  2. The simpler, the better

    Financial plans that are short, simple, and concise are more efficient and effective than long, overly complicated ones.

  3. It can add up

    The average U.S. consumer spends approximately $63,000 every year (yikes!)

  4. Millennials’ parents had more power

    Millennials reportedly have less purchasing power than their parents did at their age.

  5. Scrolling isn’t saving

    Reducing time on social media actually helps save money.

 

WHY FINANCIAL PLANNING MONTH IS IMPORTANT

  1. It reminds us to invest in ourselves

    This month is a sign to take a minute from mindless spending and invest some time and money in our future.

  2. It creates awareness about financial planning

    For young adults who are just starting to earn, this month spreads awareness that it's never too late to manage your finances and you don’t need an elaborate system for it.

  3. It highlights the value of responsibility

    Whether or not people choose to participate, it is a reminder that our actions right now determine what our future will look like and creates a sense of responsibility.

 

Sarah Benedict
MCC Wellness Council
10/21/2021